moonchild
VIP Contributor
Hello everyone, continuing my series of analysing the trades I took.
Well, I entered this trade yesterday in the evening, AUDUSD is a currency pair i learned with, because while I was learning forex my mentor advised on using only one currency pair which I think really helped me with focus.
As you can see from the left side, price made a double bottom, I indicated that by drawing a horizontal line on top, double bottom is a chart pattern that when it happens it signifies downtrend, I didn't get in at first because I'm not around and I missed the second entry, you'll see that price kind of come up and then a bearish engulfing candle formed and it slammed the price down.
Finally I got in after a massive pullback, in forex lingo we call it retracement or lower high.
I opened two positions and I left it to run over the night and when I woke up today I was in massive profits.
After I took this screenshot, I moved my stop loss to protect my profits and let it run.
Honestly, I'm starting to like swing trading style because I'm not always available to monitor charts which makes scalping hard for me, I'll just stick around and see how much AUDUSD is gonna pay me today.
I hope you've learnt something, ask questions If you have any.